In a so-called "bid to transform the current Indian socio-economic scenario" and "provide relief to the middle class while boosting the industrial sector", the BJP is looking at a "revolutionary" five-point proposal to abolish all direct and indirect taxes (except customs duty to protect domestic markets), including income-tax, excise duties, service tax, sales tax, VAT and corporate tax, among others. A think-tank, Arthakranti, had a series of meetings with the top BJP leadership, including Mr L.K. Advani and Mr Narendra Modi, to discuss the proposal. Even RSS chief Mohan Bhagwat has been briefed about the proposal. Instead of direct and indirect taxes, the think-tank has proposed to impose a tax like "say 2%" on every banking transaction. While the BJP leadership, which is preparing its "vision document", is debating the proposal, the national spokesman of the think tank, Mr Deepak Karanjikar, claimed that "it will generate a revenue of Rs. 15 lakh crore" for the government. The proposal, incidentally, will take at least three years for implementation if accepted by the ruling party at the Centre. A draft parliamentary bill has also been prepared for the "new taxation system" by the think-tank. Some in the BJP are, however, sceptical about the proposal. "We are only looking at it at this juncture," a senior BJP functionary said. As per the proposal, the transaction tax on credit accounts will be shared by the Centre, states, local authorities and the transacting bank. High denomination currency above Rs.50/- is proposed to be abolished. "Some 58% of the population pays Rs. 20/- a day so they will not be affected by this," said Mr Karanjikar. Under the proposal, currency transactions will not attract any transaction tax. But, it is proposed, cash transactions above a level, say Rs. 2,000/-, will be deemed illegal."If you buy anything, like a camera, above this limit in cash and if there is some problem with the product, you will not be able to enforce the warranty on it as the transaction will be considered illegal," said Mr Karanjikar. The biggest challenge to this proposal will be that in most of rural India, there are no banks. But, Mr Karanjikar said, the think-tank is right now chalking out modalities for it. "The banking infrastructure will have to be made. Ultimately, even the Food Security Bill will not be implemented without developing the banking system. We are planning a plan looking at the Aadhaar system," he added. Arthakranti said that its proposal will bring more transparency and tackle the issue of black money. "The removal of instruments of parallel economy, that is high denomination rupee notes, means increased traceability," it said. The proposal could bring down prices of products and services due to abolition of Excise, Services and Sales Taxes. This may enhance customer base and could boost industrial production. It will bring stability in business circles about the tax laws of the country. Currently, the income-tax department and various top MNCs are involved in litigation over tax issues. It will also save compliance costs of the corporates as they will not need to pay any taxes.

MUMBAI: Thanks to a new directive from the Reserve Bank of India (RBI), from now on every non-resident Indian (NRI) and foreigner leaving the country will have to compulsorily change Indian rupees in their possession into a foreign currency before they board the flight. It's a common practice among NRIs to carry some amount of Indian currency with them when they leave the country, mainly for the convenience of not having to exchange forex into rupee when they return the next time. But from now on, they will not be allowed to carry any Indian notes with them.

Although the rule, which is part of Foreign Exchange Management Act (FEMA), has been in place for quite some time now, it is only now that the central bank is trying to enforce it. On Monday, RBI allowed forex changers to open kiosks beyond the immigration desks at international airports to facilitate NRIs and foreigners opting to exchange rupee for other currencies before they enter the aircraft. According to RBI officials, in case these travellers have Indian currency notes in their possession before boarding the flight, Indian customs officials can act against them.

A cluster of stone-and-mud dwellings laid out like steps along the slope of a rocky hill, along with the lush rows of date palms and patch worked terraced fields make up the old-world appeal of Balad Sayt. A remarkable sight of the impressive Jabal Shams range, surround this village. Deep within these mountains, crystal streams of water come forth and supply the village's two main falaj. Aside from this, honey produced by wild bees are also found in the mountain caves. The Balad Sayt enjoys moderate daytime temperature even during summer and a especially pleasant weather in winter. This is mainly due to its high location. The Balayad Sayt can easily be reached from the town of Al Rustaq. From the town centre, just drive towards Al Wabi and turn right in the direction of the Wadi Bani Auf.

Further on, turn at an intersection that will take you to Bilayad Sayt. The 15km route traverses very rugged terrain and at one point, goes round the sharp edge of the wadi that curves past Balad Sayt. The final approach to the village involves a steep climb and an equally dizzying descent before the mountain oasis comes into view.